Vol. 7, Issue 2, Part L (2025)

Pensions provide essential financial security in retirement, and India's system has evolved significantly. The Old Pension Scheme (OPS) offered guaranteed benefits but placed a heavy financial burden on the government. In response, the New Pension Scheme (NPS), introduced in 2004, shifted to a market-linked, defined contribution model, creating uncertainty for retirees due to market volatility. To address these concerns, the Unified Pension Scheme (UPS) will be launched in 2025, blending features of both OPS and NPS. The UPS aims to ensure stable retirement benefits while incorporating market investments, providing enhanced security and inflation-linked adjustments. This study is based on secondary qualitative data from newspapers and websites, and analyzes the key features and benefits of UPS, highlighting its role in strengthening retirement security.